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Group I
5.
Consolidated Financial Statements of Group Companies Concept of a Group,
purposes of consolidated financial statements minority interest, Goodwill, Consolidation
procedures Minority interests, Goodwill, Treatment of pre- acquisition and postacquisition profit.
Consolidation with two or more subsidiaries, consolidation with foreign subsidiaries.
Consolidated profit and loss account, balance sheet and cash flow statement.
Treatment of investment in associates in consolidated financial statements.
Treatment of investments in joint ventures in consolidated financial statements.
6.
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Disclosures
7.
Meaning, Equity settled transactions, Transaction with employees and non- employees
Determination of fair value of equity instruments
Vesting conditions
Modification, cancellation and settlement
Disclosures
8.
Financial Reporting by Mutual funds, Non-banking finance companies, Merchant
bankers, Stock and commodity market intermediaries.
9.
Valuation
(a)
Concept of Valuation
(b)
(c)
(d)
Valuation of Liabilities
(e)
Valuation of Shares
(f)
Valuation of Business
10.
(a)
(b)
(c )
(d)
Inflation Accounting*
* The Council has decided to exclude this topic effective from May, 2011 examination
onwards.
Note: If either old Accounting Standards (ASs), Accounting Standards Interpretations
(ASIs), Guidance Notes (GNs), Announcements and Limited Revisions to ASs are
withdrawn or new ASs, GNs, Announcements and Limited Revisions to AS are issued by
the Institute of Chartered Accountants of India in place of existing ASs, ASIs, GNs,
Announcements and Limited Revisions to AS, the syllabus will accordingly include/exclude
such new developments in the place of the existing ones with effect from the date to be
notified by the Institute.
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Feasibility study
Cash flow Projections Impact of taxation, depreciation, inflation and working capital
Capital Budgeting Decisions - Certainty Equivalent approach, Evaluation of Risky
Investment Proposals, Risk and Return analysis, Simulation and decision tree analysis,
Sensitivity analysis, Capital Rationing, Adjusted Net Present Value, Replacement
decisions, Application of Real Options in capital budgeting, Impact of inflation on capital
budgeting decisions
Preparation of Project Report
Social cost benefit analysis.
3.
4.
Dividend Decisions
Financial derivatives stock futures, stock options, index futures, index options
Option valuation techniques : Binomial model, Black Scholes Option Pricing Model, Greeks
Delta, Gamma, Theta, Rho and Vega
Pricing of Futures Cost of carry model
Imbedded derivatives
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(c)
Commodity derivatives
(d)
OTC derivatives -Swaps, Swaptions, Forward Rate Agreements (FRAs), Caps,
Floors and Collors.
6.
Security Analysis
Efficient Market Theory Random walk theory ; Markowitz model of risk return optimization
Capital Asset Pricing Model (CAPM)
Arbitrage Pricing Theory (APT)
Sharpe Index Model
Portfolio Management - Formulation, Monitoring and Evaluation
Equity Style Management
Principles and Management of Hedge Funds
International Portfolio Management.
8.
Investment Banking
Retail Banking
On Line Share Trading
Depository Service.
9.
(a)
Mutual Funds: Regulatory framework, formulation, monitoring
evaluation of various schemes of Mutual funds, Money market mutual funds.
and
11.
(a)
(b)
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Page 6 of 16
Contents:
1.
Auditing and Assurance Standards (AASs); Statements and Guidance Notes on Auditing
issued by the ICAI; Significant differences between Auditing and Assurance Standards and
International Standards on Auditing.
2.
Auditstrategy,planningandprogramming
Planning the flow of audit work; audit strategy, planning programme and importance of
supervision: review of audit notes and working papers; drafting of reports; principals
ultimate responsibility; extent of delegation; control over quality of audit work; reliance on
the work of other auditor, internal auditor or an expert.
3.
Special aspects of CIS Audit Environment, need for review of internal control especially
procedure controls and facility controls. Approach to audit in CIS Environment, use of
computers for internal and management audit purposes: audit tools, test packs,
computerized audit programmes; Special Aspects in Audit of E-Commerce Transaction.
5.
Specialaudittechniques
(a)
Selective verification; statistical sampling: Special audit procedures; physical
verification of assets, direct confirmation of debtors and creditors
(b)
(c)
Risk-based auditing.
6.
Auditoflimitedcompanies
Statutory requirements under the Companies Act 1956; Audit of branches: joint audits;
Dividends and divisible profits financial, legal, and policy considerations.
7.
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8.
Audit reports; qualifications, notes on accounts, distinction between notes and
qualifications,
detailed observations by the statutory auditor to the management vis-a-vis obligations of
reporting to the members.
9.
10.
Audit of Consolidated Financial Statements, Audit Reports and Certificates for
Special Purpose engagements; Certificates under the Payment of Bonus Act, import/export
control authorities, etc.; Specific services to non-audit clients; Certificate on Corporate
Governance.
11.
Special features of audit of banks, insurance companies, co-operative societies and
non-banking financial companies.
12.
Audit under Fiscal Laws, viz, Direct and Indirect Tax Laws.
13.
Cost audit
14.
Special audit assignments like audit of bank borrowers, audit of stock and
commodity exchange intermediaries and depositories; inspection of special entities like
banks, financial institutions, mutual funds, stock brokers.
15.
Special features in audit of public sector companies. Directions of Comptroller and
Auditor General of India under Section 619; Concepts of propriety and efficiency audit.
16.
Internalaudit,managementandoperationalaudit Nature and purpose, organisation,
audit programme, behavioural problems; Internal Audit Standards issued by the ICAI;
Specific areas of management and operational audit involving review of internal control,
purchasing operations, manufacturing operations, selling and distribution, personnel
policies, systems and procedures. Aspects relating to concurrent audit.
17.
18.
19.
Salient features of Sarbanes Oxley Act, 2002 with special reference to reporting
on internal control.
20.
ProfessionalEthics
Code of Ethics with special reference to the relevant provisions of The Chartered
Accountants Act, 1949 and the Regulations thereunder.
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(b)
Dividend
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
Producer Companies
(k)
(l)
(m)
E-governance
2.
Corporate Secretarial Practice Drafting of Resolution, Minutes, Notices and
Reports
Section B: Allied Laws (30 Marks)
Objective:
To develop ability to analyse the requirements of laws stated in the Section.
Contents:
3. An overview of the following laws
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(a)
The Securities and Exchange Board of India Act,1992, Rules, Regulations and
Guidelines issued thereunder.
(b)
(c)
(d)
(e)
The Banking Regulation Act, 1949, The Insurance Act, 1938. The Insurance
Regulatory and Development Authority Act, 1999, TheSecuritisation and Reconstruction of
Financial Assets and Enforcement of Security Interest Act, 2002
(f)
4.
Note: If any provision of the Companies Act, 2013 comes into force in place of an existing
provision under the Companies Act, 1956 or otherwise by way of new provision, the syllabus
would accordingly include the corresponding or new provisions of the Companies Act, 2013,
as the case may be.
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Group - II
Cost Management
(a)
Developments in the business environment; just in time; manufacturing resources
planning; (MRP); automated manufacturing; synchronous manufacturing and back flush
systems to reflect the importance of accurate bills of material and routings; world class
manufacturing; total quality management.
(b)
(c)
(d)
(e)
Throughputaccounting
(f)
(g)
(h
2.
(a)
Relevant cost
(b)
(c)
Limiting factors
(d)
(e)
3.
Pricing Decisions
(a)
(b)
Theory of price
(c)
Pricing policy
(d)
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(e)
(f)
Pricing strategies
(g)
Pricing of services
(h)
Pareto analysis
4.
The budget manual, Preparation and monitoring procedures, Budget variances, Flexible
budgets, Preparation of functional budget for operating and non-operating functions, Cash
budgets, Capital expenditure budget, Master budget, Principal budget factors.
5.
(b)
Behavioural considerations.
6.
Transfer pricing
(a)
(b)
(c)
(d)
7.
8.
9.
Linear Programming
(b)
(c)
Transportation problems
(d)
Assignment problems
(e)
Simulation
(f)
(g)
(h)
Page 12 of 16
* The Council has decided to exclude these topics effective from May, 2011 examination
onwards.
Contents
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(b)
To acquire the ability to apply the knowledge of the provisions of direct tax laws to
various situations in actual practice.
Contents:
I.
II.
While covering the direct tax laws, students should familiarise themselves with
considerations relevant to tax management. These may include tax considerations with
regard to specific management decisions, foreign collaboration agreements, international
taxation, amalgamations, tax incentives, personnel compensation plans, inter-relationship
of taxation and accounting, with special reference to relevant accounting standards and
other precautions to be observed to maximise tax relief. Further, they should have a basic
understanding about the ethical considerations in tax management and compliance with
taxation laws.
Note If new legislations are enacted in place of the existing legislations relating to
income tax and wealth tax, the syllabus will accordingly include such new legislations in
the place of the existing legislations with effect from the date to be notified by the Institute.
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To gain advanced knowledge of the principles of the laws relating to central excise,
service tax and customs
(b)
To acquire the ability to apply the knowledge of the provisions of the above-mentioned
laws to various situations in actual practice
Contents:
Section A: Central Excise (25 marks)
Central Excise Act, 1944 and the Central Excise Tariff Act, 1985
Section B: Service Tax (50 marks)
Law relating to service tax as contained in the Finance Act, 1994 as amended from time to
time
Section C: Customs and Foreign Trade Policy (25 marks)
Customs Act, 1962, Customs Tariff Act, 1975 and Foreign Trade Policy to the extent relevant
to the Customs Law
Note If new legislations are enacted in place of the existing legislations relating to central
excise, customs and service tax, the syllabus will accordingly include such new legislations in
place of the existing legislations with effect from the date to be notified by the Institute.
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